Finance 27 offers small loans from as little as R500 to R3 000, which will be paid out on the same day.
This is the perfect way to borrow money legally without the hassle of going to the bank to apply for a loan. It eliminates all the paperwork, waiting for approval and more waiting – for the money to be paid out. All that is time wasted for needing just a few hundreds, not truckloads of money. With a good credit record, the money can be paid out as soon as it has been approved by Finance 27.
As the borrower you will need to provide your personal and banking details, the amount of money to be borrowed and interest is calculated immediately. Finance 27, which charges an annual percentage rate of 60%, will debit the borrower’s account on the day they receive their salary. Interest is calculated on a daily basis as stipulated by the National Credit Regulator, therefore the longer it takes to repay the loan, the higher the interest.
Failure to repay the loan will result in a lower credit rating which will make future credit applications a nightmare. A service fee of R50 and 5% interest will be added for every month that payment is not made. After two months of non-payment, the account will be handed over to an external debt collection company.
Not having money in the bank is certainly not ideal, and so is being in debt. By repaying the loan, and on time, borrowers could qualify for another loan. The renewal will be seen as a new loan therefore the same interest rates will apply.